Ghana has instructed foreigners to exit its gold market by April 30, with the newly created GoldBod taking sole control of artisanal gold trade. The move aims to reduce smuggling, increase revenue, and stabilize the currency. Gold exports rose in 2024, and prices have surged amid global economic uncertainty.

Ghana has instructed foreign entities to exit its gold trading market by the end of the month, according to an announcement from a newly established government body on Monday. The move is part of the country’s effort to streamline gold purchases from small-scale miners, enhance revenue generation, and curb smuggling.

As Africa’s leading gold producer, Ghana is shifting away from a system in which both local and foreign companies with export licenses were authorized to buy and export gold sourced from artisanal or small-scale mining. Under the new arrangement, the GoldBod, a recently formed gold board, will be the sole body allowed to buy, sell, assay, and export artisanal gold, making previously issued licenses no longer valid.

Foreigners are required to exit the local gold trading market by April 30. However, they have the option to apply for permission to buy or take gold directly from GoldBod.

Finance Minister Cassiel Ato Forson had remarked in January that the creation of GoldBod would enable Ghana to derive greater benefits from gold sales while also supporting the stability of the national currency.

In 2024, Ghana's gold exports surged by 53.2%, reaching $11.64 billion, with nearly $5 billion of this total coming from legal small-scale miners. On Friday, gold prices surpassed the $3,200 per ounce mark for the first time. The ongoing trade tensions between the United States and China have unsettled global markets, prompting investors to flock to gold, a commodity traditionally viewed as a safe haven during times of geopolitical and economic uncertainty.